JYP Entertainment Corporation to Merge with JYP Corporation
JYP Entertainment Corporation announced that it has decided to merge with JYP Corporation, which is mainly engaged in the production and distribution of records and music products, to improve managerial efficiency and improve financial structure. After the merger, the Company will survive and JYP Corporation will be dissolved. The exchange ratio of JYP Corporation and JYP Entertainment Corporation is 1:3.7697551 and the merger effective date is November 15, 2013.
Shares of KOSDAQ-listed JYP Entertainment soared 15 percent to 5,720 won Thursday after it announced a plan to absorb its unlisted company JYP.
The merger is scheduled to be completed by November 18. Park Jin-young, the majority shareholder of JYP Entertainment and a singer and four member Chinese-Korean girl group Miss A are managed by JYP Entertainment, while girl group Wonder Girls and boy band 2PM managed by JYP.